aramalap2,If you cannot afford to live in the house you wish to...

aramalap2,

If you cannot afford to live in the house you wish to purchase because of the expensive repayments you can:

Firstly borrow at interest only.
Live with the folks as cheap as and treat the home as an investment property.
If you and the other half are working get the benefit of a variation to your taxes to help you meet the interest only payments.

You will have your parents helping by letting you stay at home whilst you bed down your purchase.

Your tenant helping.

And The ATO helping care of the taxpayer.

A very simple " how to "

Buy at say 350k at 8% int only.

Repayments and rates are say 30k per annum.

Rent is say 15k per annum.

If you and the other are earning 70 k a year between you the ATO via the taxpayer will be giving you around 5 to 7 k per year variation ( refund )from your PAYE taxes..

So you have say 20 k coming in and 30 k going out.

The $ 200 per week shortfall comes out of your lifestyle money.
No more pizza at Docklands for a good few years.

When you are in a stronger position to pay the mortgage its time to move to the property.

It all looks simplistic, but as far as I can figure it should cost you around $ 200 per week to buy a 350k property.

It is not an ideal solution staying with the folks and tenanting the property, but you can get your foot in the property door.

In ten or 15 years your shit wont stink and you will be wondering why you did not push harder and buy 2 when properties were only 350k.

50 years ago my dad bought in Subi for two thousand pounds( 4000 dollars ).
It was expensive then.
It was tough.
It was easier to rent.
Who is laughing now, the purchaser who pushed a little harder, or the tenant who had plenty of money for rent and pizza and is still paying rent to the man to this day.

Do not give up hope.
Determination will see you get to where you want to be.

Good luck and fortune to you.